NetDiligence Releases Data-Driven Analysis on Cyber Claims

07/11/2018 16:37

PHILADELPHIA, Nov. 7, 2018 /PRNewswire/ -- NetDiligence®, a leading provider of cyber risk readiness and response services, announced today it has published its eighth annual Cyber Claims Study, a study of actual losses for data breaches and other cyber-related events covered by leading cyber insurance carriers.

This year's study analyzes 1,201 claims for incidents that occurred from 2013-2017. The aggregated data from these claims has been analyzed from many angles, including records exposed, crisis services cost, total breach cost and per-record cost. In addition, the study features analyses of more than twenty unique categorizations of the data, including type of data, sector, revenue size, and cause of loss; losses caused by business interruption; losses for incidents that exposed no records; and losses caused by criminal and non-criminal activity.

The aggregated average total breach cost in this year's study was $604K, while the aggregated average payout for Crisis Services was $307K. The average claim for a large company was $8.8 million. The average claim in the Healthcare sector was $555K. The average claim for ransomware was $229K.

"As an independent and trusted partner to the cyber insurance industry, NetDiligence is uniquely positioned to consolidate claims data from multiple insurers," said Mark Greisiger, president of NetDiligence. "We collected more than 500 new claims this year, a greater than 40% increase over last year. We are honored that our insurance carrier and broker partners are willing to share a sampling of their loss data with us. Without them, the valuable insights this study provides would not be possible."